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  • Global Debt Exploding, but G8 Leaders Fiddle with the Internet

    With Europe facing a massive fiscal mess and the United States buried under $14.3 trillion in debt, one might think that the leaders of the world’s eight major economies would get down to business to talk government overspending.

    But as Heritage’s Jim Roberts writes in The Christian Science Monitor, President Barack Obama and G8 leaders are meeting in France to discuss, among other things, proposed global regulations for the Internet. But debt won’t be served up as a topic of conversation on the G8′s table, even though it’s a major problem in the U.S. and Europe:

    One needn’t travel to France to get a clear view of this problem. Here in the US, for example, federal revenues will top $2 trillion this year, but federal spending will approach double that amount. Such reckless spending has set the stage for a battle royal between Democrats and Republicans over raising the national-debt ceiling . . .

    Meanwhile international credit rating agencies are threatening to do the US Federal Reserve’s job: taking the punch bowl off the table and telling people the party is over. America’s vaunted “Triple AAA” credit rating is no longer a given in global finance. If the US loses it, federal borrowing – now more than 40 cents of every dollar spent – will become much more costly.

    Europe has its share of problems too. Roberts writes:

    Europe also faces its day of reckoning after decades of overspending and overpromising. The Eurozone, as currently fashioned, appears to be on the verge of collapse. This helps explain the continental frenzy over the arrest of former IMF Chief and French presidential hopeful Dominique Strauss-Kahn. Europeans had been counting on him to funnel yet more IMF billions to Euro-deluded deadbeats like Greece and Portugal . . .

    Unfortunately, their attention will be elsewhere. Internet regulation, for one thing. Sarkozy calls it a “moral imperative” needed to “correct the excesses and abuses that arise from the total absence of rules.”

    And it’s amid this backdrop that Internet regulation, perplexingly, is taking center stage. Though improving Internet infrastructure and access is important to the development of modern economies, “letting governments control or even censor information is counterproductive.” And Roberts says that’s what France’s Nicolas Sarkozy is calling for:

    Unfortunately, Sarkozy’s G8 proposal toes the statist line. He wants governments to intervene in cyberspace markets with intrusive regulation and taxes that could limit consumer choices and seriously distort both pricing and investment decisions.

    A micromanaging G8 also could threaten press freedom. New media Internet outlets can be invaluable in exposing political corruption and guarding against bribery, extortion, nepotism, cronyism, patronage, embezzlement, and graft. Yet disturbing acts of censorship, attacks on press freedom, and denials of Internet service are on the rise.

    Read more of Roberts’ column CSMonitor.com.

    Posted in International [slideshow_deploy]

    13 Responses to Global Debt Exploding, but G8 Leaders Fiddle with the Internet

    1. Michael, Portland, O says:

      It's hard to imagine the GOP putting up much of a fight for internet freedom given its recent rubber stamping of any request for more executive power through the Patriot Act or NDAA. Where have you gone Barry Goldwater? A dying party shuts its lonely eyes to you.

    2. Bob Lee says:

      Of course they need to regulate. That way it will be harder to expose their dirty deeds than what it is now.

    3. Stirling, Pennsylvan says:

      The question should be asked "If the G8 is spending money like they don't care about the debt, then what do they know that the rest of us don't." I would assume that it would be that they welcome a global colaspe and something to replace the current system, why else would anyone purposely run us off a financial cliff.

    4. Pingback: Must Know Headlines — ExposeTheMedia.com

    5. Roger Baxter. Batavi says:

      It is not even remotely in the interests of society to have any government, let alone the G 8, being involved in regulating the internet. But it is an interesting diversion that allows our governmental "leaders" to deflect attention away from what they should be doing – restoring fiscal sanity.

    6. Lloyd Scallan (New O says:

      Without the internet, would the American people know as much about this

      crises we, and the rest of the world face? The answer is NO! This is the

      one most important problem the communist/socialist have to deal with today. Freedom of information. Does any sensible thinking person believe the leftist controled world wide media would report the true facts? Again, the answer is NO! They must control the free exchange of information to insure their plans of a one world order are not openly discussed or discovered.

    7. Ardath Blauvelt, Hol says:

      This is one of the most frightening aspects of rising government power. It's just one more way to hamstring the people, control them, use and exploit them, for government gain. There is so much happening in so many places at the same time, even as our world spins out of OUR control, that it is hard to keep up. The forces behind this hijacking are counting on that.

    8. Paul M. Yandura says:

      Today is Memorial Day and I am thinking about all of the Veteran's who have given their sweet life's for this country and those like me who were wounded. We gave feeely of our selves for this country and it freedom and success. Today, my heart is heavy with pain, not from my wounds or war experience, but from the fact, that all of the men and women who have seved this nation have do so in vain. We fought out countries enemies all over this world. We spilled our blood in every nook and cranny of every continent, island, ocean, river, desert, forest, and jungle. Only, to come home, to our worst enemy, the U.S. Congress that through it's policies. practicies, tax laws and fiscal recklessness have practically destroyed this nation. We are a nation adriff without a captain, floating without leadership. The two party system is just that, a two pary system. The working class people and real tax payers are completely left out. We don't share the financial pie, because they ate it all in Congress and them some. We don't even get a crumb. Just the bill for their dinner. God Bless all those men and women who served this great nation.

    9. Paul M. Yandura says:

      Today is Memorial Day and I am thinking about all of the Veteran's who have given their sweet life's for this country and those like me who were wounded. We gave feely of our selves for this country and it freedom and success. Today, my heart is heavy with pain, not from my wounds or war experience, but from the fact, that all of the men and women who have seved this nation have done so in vain. We fought out countries enemies all over this world. We spilled our blood in every nook and cranny of every continent, island, ocean, river, desert, forest, and jungle. Only, to come home, to our worst enemy, the U.S. Congress that through it's policies, practicies, tax laws and fiscal recklessness, have practically destroyed this nation. We are a nation adriff without a captain, floating without leadership. The two party system is just that, a two pary system. The working class people and real tax payers are completely left out. We don't share the financial pie, because they ate it all in Congress and them some. We don't even get a crumb. Just the bill for their dinner. God Bless all those men and women who served this great nation.

    10. Tom Sullivan in FL says:

      Socialism, like diarrhea, is a self-limiting disease. The EU will soon collapse under it absurd debt and bailouts. The US federal govt is borrowing about half its spending each year, 11% of GDP, and that too will collapse. Govt spending is 41% of GDP, and regulations cost another 20% of GDP. Big government IS the problem, just like Reagan said. When (if) we return govt spending and regulations to 30% of GDP, that will increase the private sector share of GDP from 39% to 70%, or 3/4 bigger.

    11. Bonnie California says:

      Each of the comments above are excellent observations, and sadly …. they all tie together, thus exposing a possible agenda that does not bode well for either Europe or America. The 2012 election may be the most important of our lifetime. Those of us who are patriots, who love our country as it once was, who see the looming disaster … must do all we can to elect the candidate with strength and courage to make difficult decisions, if that path will pull us out of this looming disaster and onto a more firm foundation. WE need someone with enough charisma to bring us all together through what might prove to be some difficult times, and restore America to its former healthy self. Our children and theirs are depending upon us to keep America great and to pass on the freedoms and good life our forefathers gave to us.

    12. Roger S., Mass. says:

      Theirs is a big-state, maxi-control agenda. The world's economic situation has long ago passed their ability (or desire) to remedy. The name of their current scheme HAS to be how to control their respective populations once their game is up — which will be soon. To this end gaining control of the web is a very big deal !

      "Spend and Tax" while playing "the culture of envy" as far as they can take that meme is what they know best, together with increasing the size of government so as to create "space" for rewarding their respective elite clientele. So there's little point in being overly concerned with rectifying fiscal stuff. BO fits perfectly into that environment. We're in for some very nasty times.

    13. George Colgrove, VA says:

      Michael, Portland, OR: "Where have you gone Barry Goldwater? A dying party shuts its lonely eyes to you."

      I hear you. Fiscal responsibility and the voice for reason has gone – most likely for good.

      9/11 was a crisis that was to be taken advantage of. I suspect many in the GOP ranks made a lot of money on their defense contractor investments and donations. The GOP had successfully got this country under control in the late 1990's. We had not only a ballanced budget for 4 years, but we also had paid down the national debt. But 9/11 came around and over $7 trillion later, we finally got a guy who alledgedly lived in the same place for 6 years next to a military facility – that some team of CIA/DoD federal workers should have been analyzing. After we DID realize he was there, it took over 8 month in some accounts to finally act on it. Can we say BLOAT/WASTE/REDUNDANCY and BUREAUCRACY? This is what the DoD is today, this is what the CIA is today, this is what the federal government is today.

      Instead of reducing the ranks and getting it to work again at fair pay with those who produce things to pay these goons salaries, the GOP looks to spend more and more in the so called defense of this country, while all of them take their proceeds to the bank.

      The GOP team in there today is no different then the democrats. Since the GOP took over the house with the specific duty to reduce spending and reduce the deficit, they have allowed the country to dive over $800 billion further into debt (since January!).

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